The Challenge
Due to fragmented KYC systems, TATA AIG faced substantial challenges in its onboarding process. The need for customized processes across departments created inconsistencies, inefficiencies, and data integrity issues, which led to several obstacles:
- Fragmented systems caused disjointed customer journeys, undermining the overall onboarding experience.
- Discrepancies in KYC data between initial forms and subsequent stages increased the risk of fraud and errors.
- A lack of centralized oversight made it difficult to meet department-specific requirements while maintaining uniformity.
To overcome these challenges, TATA AIG required a solution that could:
- Standardize and centralize the onboarding process without sacrificing departmental flexibility.
- Ensure seamless data accuracy across all stages, reducing fraud and errors.
- Improve the customer experience by minimizing onboarding steps and drop-off rates.
600k+
Processed policy proposals per month
< 1 min
TAT for completion of KYC process
“Appreciate the support we got from Arya AI in seamlessly processing lakhs of API hits daily. The team's expertise provided excellent guidance and recommendations to help improve the process for large-scale integrations. We were able to make this go live in a record time of nearly a month. The quality of the work and unwavering dedication brought to the table by Deekshith and the team are much appreciated.”
Shammi Kapoor
SVP Business Operations
Solution
After careful assessment, TATA AIG partnered with Arya AI to implement a centralized and intelligent KYC management solution. Arya AI’s suite of APIs was selected for its precision, scalability, and ability to balance centralization with departmental flexibility, ensuring a seamless onboarding experience.
Key highlights of the Arya AI solution include:
- Centralized KYC Management
The CKYC API provided a unified framework, enabling consistent processes across departments while allowing for tailored customizations as needed. - AI-Powered Verification
KYC Verification and Name Verification APIs ensured accurate data matching between the initial and payment-stage forms, reducing discrepancies and potential fraud. - Customizable Implementation: Arya AI worked closely with TATA AIG to design department-specific solutions that integrated seamlessly with their existing systems, meeting diverse operational needs without compromising efficiency.
Results
The implementation of Arya AI's centralized KYC solution delivered remarkable results for TATA AIG:
- Streamlined Customer Journeys: A detailed analysis and optimization of the onboarding process significantly reduced friction, creating a smoother user experience.
- Minimized Drop-Off Rates: Enhanced data accuracy and reduced verification steps ensured more customers completed the onboarding process.
- Improved Operational Efficiency: The unified CKYC API allowed TATA AIG to manage KYC data across departments without duplication or delays efficiently.
- Fraud Mitigation: Robust verification APIs eliminated data discrepancies, minimizing fraud risks and boosting confidence in the process.
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